The blockchain and crypto company DMG Blockchain Solutions has announced a partnership with the crypto asset mining company Argo Blockchain. The two companies have decided to set up a bitcoin mining pool that will focus on harnessing clean energy resources.
- DMG Blockchain Solutions (TSX-V: DMGI) and Argo Blockchain Plc (LSE: ARB) recently signed a memorandum of understanding for the establishment of Terra Pool. The new Bitcoin mining pool aims to use clean energy resources and will combine both the hashrate of DMG and Argo, which uses hydropower.
- In the past few months, Bitcoin mining (BTC) and overall Proof-of-Work (PoW) mining in general have been criticized for how energy intensive these grids can be. DMG and Argo’s Terra Pool plans to keep bitcoin mining climate friendly by focusing on clean energy solutions.
- “DMG’s increased innovative strength and continued focus on environmentally friendly Bitcoin mining offer the opportunity to drive changes in the behavior of the Bitcoin mining community towards a climate-conscious future,” said Dan Reitzik, CEO of DMG, in a statement.
- The two companies also said the new green bitcoin mining pool will partner with other members of the crypto asset mining industry as the operations “accelerate the transition from conventional energy to clean energy.”
- Over the past decade, bitcoin miners using renewable energy to mine BTC have used both renewable and surplus energy sources such as geothermal, wind, sun, natural gas, and hydropower. In recent years, combined heat and power concepts have been developed that use the release of excess heat mining systems during operation.
- Bitcoin’s hashrate has recorded 185 exahashes per second (EH / s) this month, and the network difficulty is the highest ever in BTC’s life. At the time of writing, 17 publicly known Bitcoin mining pools are routing the hash rate to the BTC chain.
- Peter Wall, CEO of Argo Blockchain, believes it is a good idea for the planet to look into clean energy efficiency in mining. “Combating climate change is a priority for Argo,” stressed Wall. “We are confident that other companies in the Bitcoin mining industry will follow in our footsteps to demonstrate greater climate awareness,” added the Argo executive.
What do you think of the clean Terra Pool project from DMG and Argo? Let us know what you think on this matter in the comments section below.
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